Moody’s ratings agency downgraded its previously top-notch rating of the U.S. government’s creditworthiness on Friday, citing “persistent, large fiscal deficits” that show no signs of slowing. The downgrade,

Moody's lowered its rating on U.S. debt from Aaa to Aa1, pointing to sustained increase in federal debt and interest payments.

Financial ratings firm Moody’s Ratings downgraded the U.S. government’s credit ratings Friday, citing its rising debt and interest in a move that underscores a ballooning federal budget deficit, making it the last of the big three firms to downgrade the government’s credit.